revenue $57.5M, net income -$147.6M. Pershing Square completes IPO, converts to C-corp with 9.9% permanent capital base

Filed June 4, 2026 · Period ending March 31, 2026 · ~2 min read

Key Changes

• high

  Closed combined IPO and private placement on April 30, 2026, raising $5.0 billion gross proceeds and converting from partnership to Nevada C-corporation subject to federal income taxes.

  Risk Factors: Corporate Conversion verify on EDGAR →
• high

  Manages $26.6 billion AUM with 96% classified as permanent capital (not subject to investor redemptions), enabling long-term investment horizon and lower fundraising costs versus traditional asset managers.

  Risk Factors: Business Model verify on EDGAR →
• high

  Acquired 46.9% stake in Howard Hughes Holdings in May 2025; earns $15M annual base fee plus variable fee tied to HHH stock price above $66.15, creating direct exposure to HHH equity performance.

  Risk Factors: Howard Hughes Transaction verify on EDGAR →